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Keep up to date with the latest real estate news. This is a quick read, packed with tips and other useful information.

REAL ESTATE NEWS AND UPDATES

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The Government of B.C. announced changes to legislation that will remove rental restrictions in strata properties and introduced the new Housing Supply Act which will provide select municipalities with increased powers to address housing development. Premier David Eby estimated that 2,900 strata units in B.C. are sitting empty, and said opening up just half of those to renters would help. Amendments to the Strata Property Act will end all strata rental-restriction bylaws and limit age-restriction bylaws so that the only permitted age restriction is to preserve and promote seniors’ housing through the “55 and over” rule in strata housing. Moving forward, it will not be permissible for a strata to have 19-plus age restrictions; however, “seniors only” strata will still be allowed.If approved, the changes to the Strata Property Act would take effect immediately. Bylaws restricting short-term rentals, such as AirBnB, will continue to be allowed.
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FVREB SURREY BC - Year over year the number of sold units for October were down across the board and new listings slower as buyers and sellers try to a find a balance in the market. Prices continued to soften, with month-over-month Benchmark prices down slightly across all property categories. For detached homes, prices are on par with October 2021 levels, while townhomes and apartments are up 7.7 per cent and 11.5 per cent, respectively, over 2021. The average number of days spent on the market before selling was relatively unchanged for detached homes and apartments compared to last month (34 days and 31 days, respectively). Townhomes moved more quickly at 27 days (compared to 32 days in September). FVREB Statistics package


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October 26th, 2022 Bank of Canada announced a smaller than anticipated interest rate hike of 0.50%, bringing the rate to 3.75%. This is the highest overnight rate since 2008 although, historically it's still quite low. Here’s what you should know about the Bank of Canada’s October 26, 2022 rate announcement:
  • The Target Overnight Rate will increase by 0.50 percentage points to 3.75%.
  • This is the highest Bank of Canada overnight rate since early 2008.
  • Canada’s inflation rate dipped to 6.9% in September, but it’s still not enough for the Bank of Canada to ease off the brakes.
  • Canada’s housing market continues to cool as interest rates rise across the country.
  • Quantitative tightening (QT) began on April 25, 2022. This will gradually reduce the Bank of Canada’s balance sheet and put upward pressure on bond yields, driving up fixed mortgage rates
Speak to your lender early for advice on renewals..

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Personal, Honest and Professional

When you choose to use me with your next real estate transaction,  whether buying or selling, my goal is always the same. To offer you and your family the absolute best service I can.

 

I take great pride in being upfront and honest while giving you professional service. It's not only about doing good business, but being a good person.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.